Accelerant Holdings, a technology-forward specialty insurance platform, is preparing to go public under the proposed ticker symbol ARX on the New York Stock Exchange. The company is offering a total of 28,947,368 Class A common shares in its IPO, with 20.3 million shares offered by the company itself, 8.7 million shares from existing shareholders, and an additional 4.3 million shares available through an underwriter overallotment option. With a proposed price range of $18 to $20 per share, Accelerant aims to raise approximately $550 million at the midpoint. The IPO is being led by Morgan Stanley, Goldman Sachs & Co., BMO Capital Markets, and RBC Capital Markets, with additional support from names like Wells Fargo Securities, Piper Sandler, and William Blair, among others.
What sets Accelerant apart is its data-driven Risk Exchange platform that connects managing general agents (MGAs), referred to as "Members," with risk capital providers such as reinsurers and institutional investors. The company leverages its proprietary InsightFull technology platform to offer analytics, operational support, and underwriting capacity to MGAs. As of March 2025, Accelerant supports 232 MGA members and 96 capital partners across 20+ countries, demonstrating a wide geographic reach and diversified partner base.
Founded in 2018 by three industry veterans, Accelerant has been actively expanding its capabilities and footprint through strategic acquisitions in both Europe and the U.S. Notably, it launched Mission Underwriters, its MGA incubator unit, in 2021 and followed with Flywheel Re, a reinsurance sidecar, in 2022—initiatives that reflect a clear intent to control more of the value chain and enhance margins.
The company’s IPO proceeds will be primarily used to capitalize its reinsurance business, fund general corporate purposes, and support growth initiatives and strategic investments. Importantly, Altamont Capital Partners, the company’s equity sponsor, will retain significant control post-offering—79.2% of the voting power, or 77.4% if the underwriters fully exercise their overallotment option. Public shareholders will hold non-controlling equity, a structure that grants insiders continued influence over strategic decisions.
Financial Performance
Accelerant has demonstrated impressive revenue growth and improving profitability over the past three years. Here’s a detailed snapshot of its financials:
Accelerant went from a net loss of nearly $92 million in 2022 to a net profit of $27.2 million in 2024, with continued profitability in the first quarter of 2025. This trend underscores its operational leverage and the strength of its business model as it scales.
Looking ahead, Accelerant is focused on expanding its Risk Exchange platform, increasing participation by third-party insurers, and growing its presence in markets like Canada and Australia. It also aims to drive margin enhancement through Flywheel Re and deeper adoption of its proprietary data tools.
The company sees opportunity in both organic and acquisitive growth, and plans to use IPO proceeds to pursue strategic investments and support its expanding member base. Enhancing the InsightFull platform and deepening direct carrier partnerships are also high on the post-IPO agenda.
Accelerant Holdings enters the public markets alongside a number of insurtech peers, a sector that has experienced mixed performance in recent years. While early entrants like Lemonade and Root faced significant volatility post-IPO, Accelerant brings a track record of revenue growth, emerging profitability, and a platform-based model aimed at improving underwriting efficiency. With an estimated EV/revenue multiple of around 3.5x, its valuation appears moderate compared to similar companies. Investor interest has been primarily institutional, reflecting a broader appetite for scalable, capital-efficient insurance platforms supported by proprietary technology.
Accelerant Holdings is expected to price the week of July 21st, 2025.